McDonnell's sham surplus

August 15, 2012

Governor McDonnell's office released today, "during his annual remarks to the annual meeting of the General Assembly Joint Money Committees that Virginia has posted a total revenue and savings surplus of $448.5 million dollars for FY 2012."

Progressive Point: Virginians need leaders who will invest in our future, not pass the buck down the road. All Virginians have gotten from Governor McDonnell are budget gimmicks and accounting games, not real solutions. Communities and working families have faced cut after cut to essential services from Bob McDonnell.

The Commonwealth and working Virginians are falling behind. Bob McDonnell has maxed out our credit card, cut billions of dollars from education, and failed to solve our looming transportation crisis. When I have $50 in my bank account at the end of the month, but thousands of dollars in late bill payments, credit card debt, and student loans, I don't crow about my stellar financial management--and neither should McDonnell.

Get the Facts:

• Governor McDonnell's budgeting includes a reduction in K-12 support by $2.6 billion over the biennium. (The Commonwealth Institute)


• Virginia has less than 5 years until we run out of transportation funds for new infrastructure and maintenance. (Richmond Times-Dispatch, June 8, 2012)


• The last time McDonnell bragged about a surplus, in 2011, ProgressVA reported:

1.  
   1. McDonnell's $545 million 20111 surplus was based on better than expected tax revenue ($311 million) and not spending money on programs we said we would. ($234 million).
   2. McDonnell's math only worked if you ignored the money he borrowed and didn't pay back (over $440 million) to the state employees' pension fund.
   3. Virginia law requires surplus funds to be spent on pre-designated projects, which means few free dollars to make up for budget cuts or paying back the money we borrowed from current and future state retirees.

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